The $1.4 billion Arizona State Credit Union and the $1.1 billion Vantage West Credit Union have been named to a national Top 10 best companies list for providing employees with extensive employer-paid benefits and financial security programs.
The Principal Financial Group of Des Moines, Iowa, a global investment firm specializing in retirement services, insurance solutions and asset management, sponsors the list and announced the winners Tuesday. An independent panel of experts from the employee benefits and human resources industries selected the credit unions and eight other companies.
In addition to providing employer-paid medical premiums for employee and dependents, 50% employer-match 401(k) plans, and 100% employer-paid insurance programs, Arizona State CU offers its 414 employees comprehensive wellness programs with biometric screenings.
"Benefits are becoming increasingly important to household and families. We believe that having a competitive, highly valued benefit package supports our efforts to attract and retain high-quality employees," said Dave Doss president/CEO at Arizona State CU in Phoenix. "And when we can attract and retain the best employees, we're better able to serve our members."
As part of its Principal 10 Best award, Arizona State CU selected Valley of the Sun United Way to receive a $2,500 donation from The Principal Financial Group Foundation.
As did many other credit unions, Vantage West Credit Union of Tucson experienced tough times in 2008. But instead of cutting benefits, President/CEO Robert Ramirez, focused on growing revenues by taking care of the CU's 387 employees.
"My goal was to enhance the member value proposition by keeping employees motivated and well compensated with salary and benefits," Ramirez explained. "I told employees, 'If you take care of members, I will take care of you. I won't touch your salaries and benefits.' They kept their promise, and I kept mine. We were profitable by 2009, and we've been profitable ever since."
Vantage West also offers employer-paid medical insurance for employees and dependents, a 100% employer match 401 (k) plan, 100% employer-paid insurance programs and extensive wellness programs with biometric screenings.
As part of its Principal 10 Best award, Vantage West selected Steele's Children's Research Center to receive a $2,500 donation from the Principal Financial Group Foundation.
The Principal Financial Group said the trends among the 2012 winners and nominees included a greater emphasis on wellness and reaching out to employees about opportunities and benefits.
Companies are doing this because they know healthy employees make for a much more productive working environment. Additionally, the Principal Financial Group said it found that companies are more focused on helping employees become informed through education programs and through proactive outreach so that people can take full advantage of the opportunities and benefits.
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